# Ross Land has a loan of​ $8,500 compounded quarterly for three years at 6​%. What is the effective interest rate for the​ loan? Question Ratios, rates, proportions asked 2020-11-10 Ross Land has a loan of​$8,500 compounded quarterly for three years at 6​%. What is the effective interest rate for the​ loan?

2020-11-11
Interest is compounded quarterly for 3 years, which is a total of 12 times. Therefore the answer is $$\displaystyle{8500}\cdot{\left({1.06}^{{t}}\cdot{2}\right)}={17103.67}$$

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